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Jordan signs financial assistance agreements with Saudi Arabia, Kuwait and UAE

Jordan signs financial assistance agreements with Saudi Arabia, Kuwait and UAE

In the presence of Deputy Prime Minister and Minister of State, Rajai Muasher, the governments of Jordan, Saudi Arabia, Kuwait and the United Arab Emirates (UAE) signed a number of agreements and memorandums of understanding (MoUs) to set out the framework arrangements of their aid pledges under the June Makkah Conference, which will strengthen Jordan’s economy, attract foreign investments, and maintain monetary stability.

The agreements were signed by Minister of Planning and International Cooperation, Mari Kawar, Saudi Finance Minister Mohammed bin Abdullah Al Jada’an, Kuwaiti Finance Minister, Nayef Al Hajraf, UAE Minister of State for Financial Affairs Obaid Bin Humaid Al Tayer and Director General of Kuwait Fund for Arab Economic Development Abdulwahab Al Bader.

Governor of the Central Bank of Jordan (CBJ), Ziad Fariz, signed the Saudi Deposit Agreement at the bank’s headquarters.

On the agreements, the Jordanian and Saudi sides signed Riyadh’s contribution, which included a grant agreement worth $250 million, over five years to support the public budget to implement development projects and programs, in addition to signing a deposit agreement worth ($333.3 million), in which the amount will injected at the Central Bank of Jordan (CBJ) to its support foreign currency reserves.

The Jordanian and Kuwaiti sides also signed a memorandum of understanding (MoU) on Kuwait’s contribution to the Makkah Conference assistance pledges, including a deposit at the Central Bank of Jordan worth $500 million on preferential terms and a loan program of $500 million over a period of five years, $100 million per year starting from the fiscal year 2019/2020 to contribute to the financing of infrastructure projects, including the construction of schools in Jordan, and the rescheduling of the outstanding balance of seventeen loans, which were fully withdrawn and unpaid, as of 31 December 2018.